Thursday, 13 April 2023

Market Summary

Market Summary 13 April 2023

Bitcoin Price: US$ 29,888.07 (-1.03%)
Ethereum Price: US$ 1,917.39 (+1.46%)  


The Ethereum blockchain’s Shanghai hard fork has been completed, allowing users who have staked their ether to begin withdrawing their funds. The upgrade was triggered at 22:27 UTC and finished around 15 minutes later, with about 285 withdrawals processed within the first half hour. In other news, billionaire investor Warren Buffett called bitcoin a “gambling token” in an interview with CNBC, reiterating his previous criticisms of the cryptocurrency. Buffett has long been a critic of bitcoin and has called it “rat poison squared” in the past. Berkshire Hathaway Vice Chairman Charlie Munger has also been a vocal opponent of cryptocurrency, calling for it to be banned in the U.S.

The U.S. Consumer Price Index (CPI) rose 0.1% in March, lower than the forecast of 0.2%, while the year-over-year CPI increase came in at 5.0%, down from 6.0% in February and lower than the expected 5.2%. The core CPI, which excludes volatile food and energy prices, was in line with expectations at 0.4% and year-over-year core CPI was at 5.6%. Meanwhile, fintech firm Paxos has announced its withdrawal from the Canadian market amid regulatory uncertainty. Customers will not be able to initiate new trades after June 2, but can still withdraw their funds, which will be safe and protected by Paxos’ terms and conditions.

Crypto VC investment has fallen to its lowest point in two years, reaching $2.4 billion in Q1 2023, according to a report by Galaxy Research. Although investment has declined by over 80% compared to the same period in 2022, the report notes that the number of deals made has increased by nearly 20%. Despite regulatory uncertainty, the US remains the top location for the number of crypto firms raising capital. In related news, T. Rowe Price Associates, WisdomTree, Wellington Management, and Cumberland have joined an Avalanche subnet called Spruce to test the idea of blockchain-based foreign exchange, including interest-rate swaps.




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